The board of investment brokerage firm Merrill Lynch is expected to send Chief Executive Stan O'Neal packing. Reports say he could be forced out as early as today. Last week the financial giant announced the largest loss in Wall Street memory: a write-off of more than $8 billion.
RENEE MONTAGNE, host:
Our business news starts with a new victim of the credit crunch. The board of Merrill Lynch is about to throw chief executive Stan O'Neal overboard. Reports say he could be forced out as early as today. Last week, the financial giant announced the largest loss in Wall Street memory, a write-off of more than $8 billion. Under O'Neal, Merrill invested in more risky subprime debt than other Wall Street firms.
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